The 5 Key Attributes to Win M&A Mandates

What factors influence an owner’s decision when selecting an advisor for their transaction? Below, we analyze 5 key attributes that make the difference when winning M&A mandates:

Relevant management experience

Beyond transaction experience, having a team with real, hands-on experience managing companies similar to the client’s is a key differentiator. A CEO with recent experience advising companies with similar profiles brings a deep understanding of the industry, its challenges, and sector-specific opportunities. This builds confidence, as the client sees the advisor as a strategic partner who truly understands the business.

Favorable fees and terms

The fee structure and the terms of the engagement letter are crucial. Offering flexible terms—such as a success-based fee structure with no upfront fees—demonstrates confidence in the advisor’s ability to execute the transaction successfully. This aligns the advisor’s incentives with the client’s and reduces the client’s financial risk.

Specific, relevant experience

General M&A experience is important, but specific experience in areas that matter to the client can be decisive. If the advisor has worked with clients facing similar challenges—such as regulatory or licensing issues—the client will feel more confident that the advisor can successfully navigate the complexities of the transaction.

Focus on the right financial profile

It is essential that the advisor specializes in companies with a financial profile similar to the client’s. An explicit focus on businesses with EBITDA within a specific range demonstrates deep knowledge of the market and buyers’ expectations for that type of company. This enables the advisor to provide an accurate and realistic valuation and access a more relevant network of potential buyers.

Building a strong relationship

The personal relationship between the advisor and the client is fundamental. Taking the time to meet the owner in person—especially in the final stages of the selection process—shows genuine commitment to the client and the business. This personalized approach builds trust and facilitates open and honest communication, which are essential elements for a successful transaction.

Winning M&A mandates requires more than transaction experience alone. The combination of relevant management experience, favorable fees, specific experience, focus on the right financial profile, and a strong client relationship are the key attributes that differentiate successful advisors in a competitive market.